Major IT raid at 20 premises of "leading" tile maker of South India
New Delhi: Income Tax Dept sleuths have raided 20 premises of a major tiles & sanitaryware maker in Chennai and found undisclosed income of Rs 220 crore, CBDT said in a statement.
Around Rs 8.30 crore in cash was seized by the IT officials in the raids that were carried out on 26 February in Tamil Nadu, Kolkata and Gujarat. The company is the "leader in tiles market in South India’, CBDT said in a statement.
The officials found unaccounted sale and purchase of tiles. Various details of the unaccounted transactions were detected and a ‘secret office’ was also found. Almost half of the transactions of the company were out of the account books. Looking at the previous revenues of the company, suppression of actual income could be Rs 120 crore.